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a blog by Chris Barrow

Brexit – it’s time to put your prices up

Ever since that famous referendum, I’ve been waiting for somebody in dentistry to tell me a story about how Brexit has begun to impact their business (in any way).

One recent client meeting began with the comment that “our January sales figures were down and we were wondering if Brexit is finally affecting consumer confidence, leading to a downturn in demand?”

A closer investigation revealed that the team in the practice had simply stopped doing some simple stuff that generated new business.

Two of my clients have reported their best ever month in business in January.

Last night on my monthly Group Call with clients, I was asked what effect the current uncertainties around the macro-economic future might have on business.

I’ll repeat my response:

I was around in:

  1. 1974 – the miners strike and the 3-day week

  2. 1979 – mortgage interest rates at 19% (for a short time)

  3. 1987- the UK stock market collapse

  4. 1989 – Mexican banks default

  5. 1992/3 – Thatcher removed from No 10 and a deep recession

  6. 2000 – the UK petrol shortage

  7. 2008 – the banking system collapses

  8. 2019 – Brexit

Each time – there were those who prophesied doom.

Each time there were those who genuinely suffered.

Each time there were those who rolled up their sleeves and adapted.

Each time there were those who saw opportunity and prospered.

Let me give you my take on Brexit.

If I have to work harder and smarter to hit my sales targets – then I will.

I may not be sure right now exactly what I will have to do – but I know that whatever it is – I’ll do it.

The same goes for you – decide whether you want to adopt a victim mentality or prepare yourself to continuously adapt to the changing landscape.

Here’s the advice I’m giving to my clients right now.

Review your prices – upwards.

All those items of treatment that you haven’t altered for the last few years – get them sorted.

I’ve asked my clients to mystery shop in their area in the last three months and they have often been surprised at the results – and that has given them the confidence to revise their price list.

Average increases across my client base? Around 10-13%.

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